Oppenheimer Has Outperform On Apple

Oppenheimer & Co. is out with a research report on Apple AAPL after Steve Jobs resigned and is keeping its Outperform rating and $460 price target. In a note to clients, Oppenheimer & Co. writes, "In a brief letter to Apple's board and Apple community, Steve Jobs announced his resignation as CEO. Mr. Jobs' impact on Apple can't be understated—he's its heart and soul. From that perspective his inability to meet the requirements of CEO is a negative for the stock. That said, the immediate announcement of Tim Cook, Apple's COO, as the new CEO shows a succession plan was in place. Mr. Cook and Apple's core leadership team have been in place for several years, and Mr. Jobs' absence doesn't take away from the quality of that team. We believe Apple's strategic course for the next several years is already in place; Jobs or not, we see Apple continuing its excellent execution." Shares of AAPL are off $9.93 in pre-market trading to $366.25.